Compaq after the bell

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Including a 3-cent investment gain, the company posted net income of $325 million, or 19 cents a share, for the latest quarter. Analysts polled by First Call expected a profit of 16 cents a share. Excluding the gain, the company posted first-quarter earnings of 16 cents a share, matching the bottom line of the year-ago quarter.

Revenue for the quarter totaled $9.51 billion, up from the $9.42 billion recorded last year.

"Overall, I am pleased with our improved execution in the quarter as the fourth- to first-quarter transition has traditionally been challenging for us," said Michael Capellas, Compaq's chief executive officer. "While our revenue was affected by the early-quarter industry slowdown caused by the Y2K lockdown, a general weakness in Europe and continued efforts to reduce our channel inventory, we met our earnings objectives.

"We also demonstrated continued progress in reducing our cost structure and returning to top-line growth," he said.

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